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Elon Musk says sorry, starts acting like a real CEO

02 August, 2018, 18:24 | Author: Shawna Walton
  • Tesla Model 3 configurator

Tesla said that during July it had hit an earlier goal of building about 5,000 Model 3s per week "multiple times", and reiterated a target of producing 6,000 per week by late August.

In a statement released after the markets closed Wednesday, Tesla said it expects to produce between 50,000 and 55,000 Model 3s in the third quarter, an increase of at least 75 per cent from the first quarter. In his crosshairs is hedge fund manager David Einhorn, who said his wrong bet that Tesla stock would fall was a big reason for his fund's poor performance in the second quarter. Analysts polled by FactSet expected a $2.88 loss per share.

Chief executive officer Elon Musk pledged to post net profits in future quarters and on a conference call on Wednesday apologised to two analysts he cut off on the company's first-quarter call.

Furthermore, the Model 3 is behind schedule, and investors are concerned consumer infatuation won't hold.

Tesla is continuing its elusive search for overall profitability, as it reported a loss of USD 743 million for the Q2 - marginally lower compared to losses of USD 770 million and USD 785 million in the previous two quarters. "Our goal is to be cash flow positive for every quarter going forward", he said.

Tesla spent millions as it reached a goal of producing 5000 Model 3 sedans per week by the end of June. That's substantially less than the 2017 level of $US3.4 billion. "As a result, we expect to hit this rate sometime next year". Tesla said its capital expenses would be slightly below $2.5 billion in 2018, less than last year's $3.4 billion. Musk was also enthusiastic about the premise of Tesla owners receiving prizes for completing the Atari titles.

During the second quarter, Tesla laid off 9 per cent of its workforce as it worked toward Mr Musk's promise of making money. The measures Tesla has been taking may be what bears point to as evidence that the company has been taking short-term steps only to support the perception that its outlook is improving, said Alexander Potter, an analyst at Piper Jaffray with a buy rating on the shares. "A few years from now, investors may conclude that 2Q18 was the quarter in which Tesla cemented its position as a truly formidable player in the global automotive market".

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